Bitcoin Price Prediction: Cup and Handle Pattern Hints at Breakout Above $126,000

Share This Post

Bitcoin Bull Trap

The post Bitcoin Price Prediction: Cup and Handle Pattern Hints at Breakout Above $126,000 appeared first on Coinpedia Fintech News

The Bitcoin bull market is showing no signs of slowing down. Analysts are predicting even higher price levels for Bitcoin, with the price recently hitting new all-time highs. Here’s a breakdown by analyst Josh of Crypto World, of the key factors driving this bullish momentum, including Bitcoin’s chart patterns, market trends, and important price targets.

Bitcoin’s Price Surge: What’s Happening?

Bitcoin has broken through major resistance levels and is now experiencing a powerful bullish breakout. It is currently in the middle of a significant bull market, with the price climbing steadily. A key factor driving this is the Cup and Handle pattern, a bullish formation that suggests further upside potential. Bitcoin’s price is now moving past important Fibonacci extension levels, signaling more potential for growth in the coming months.

Bitcoin ETFs Driving Price Growth

One of the biggest catalysts for Bitcoin’s recent price increase is the massive inflows into Bitcoin ETFs. Just this week, Bitcoin ETFs saw net inflows of $1.1 billion on Monday and over $800 million on Tuesday. These inflows from institutional investors are reducing the supply of Bitcoin on the market, which, combined with the growing demand, is pushing prices higher.

Technical Analysis: Bullish Chart Patterns

The current chart setup mirrors past bull markets, suggesting that Bitcoin could see continued gains well into 2025. Even with Bitcoin at new all-time highs, experts believe the current bull run is just getting started.

Bitcoin is currently in the early stages of a Cup and Handle pattern, which is a bullish chart formation. If this pattern plays out as expected, Bitcoin’s price could reach as high as $126,000. This technical price target is based on the pattern’s structure and is one of the primary price levels analysts are watching.

Key Price Levels to Watch

Bitcoin’s next major resistance levels are as follows:

  • $94,000 – $95,000: Short-term resistance and a key area to monitor for potential pullbacks.
  • $102,000: Based on Fibonacci retracement levels, this could be a significant resistance point.
  • $113,000: The next major price target if Bitcoin breaks above $102,000.
  • $126,000: The ultimate target based on the bullish Cup and Handle pattern.
Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Solana ‘God Candle Is Close’ As It Breaks From Crucial Resistance – Top Analyst

Solana recently broke its yearly high at $210, sparking a surge in trading activity as the altcoin now attempts to consolidate above this key level This period of volatile price action highlights

Solana’s daily fees and revenue hit ATH amid heightened engagement

Solana’s daily revenue hit a record high of almost $4 million, reflecting a notable rise in user engagement on the third-largest blockchain network by market cap DeFillama data shows that

18 States Sue SEC, Gensler, Commissioners in Unprecedented Crypto Regulation Battle

Eighteen states have sued the SEC, Chair Gary Gensler, and all SEC commissioners, alleging that overreach in crypto regulation infringes on state rights and hampers industry growth 18 States Sue SEC,

Vaneck’s Matthew Sigel Sets Bitcoin Target at $180,000

Matthew Sigel, head of digital assets research at Vaneck, projects a significant upward trajectory for bitcoin, setting a target price of $180,000 Bitcoin Could Reach $180,000 by Next Year, Says

Ex-TD Ameritrade CEO says Bitcoin is ‘here to stay,’ foresees significant growth

Joe Moglia, former CEO of TD Ameritrade, projected that Bitcoin (BTC) is primed for substantial growth, reinforcing its position as a vital asset in the global financial landscape Moglia made the

Bitcoin Price And The Trump Effect: Here’s What Happened The Last Time Donald Trump Was President

The Bitcoin price has soared to a new all-time high, driven by the bullish sentiment generated by the Donald Trump effect following the just-concluded US Presidential elections The last time Trump